Pakistan’s gold market has reached an unprecedented milestone as the precious metal soared to a record high of Rs370,700 per tola, the highest price ever recorded in the country. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the rate of 10 grams of 24K gold also climbed to Rs317,815, reflecting a sharp increase from just a few months ago.
This surge comes amid continued economic uncertainty, currency depreciation, and global demand for safe-haven assets. Analysts note that whenever inflationary pressures rise or global markets become volatile, gold tends to act as a hedge — and Pakistani buyers are now facing the direct impact of this global trend.
A Rapid Climb in 2025
Gold prices in Pakistan have risen dramatically over the past few months:
- In March 2025, prices were around Rs314,000 per tola.
- By April 2025, they had surged to Rs357,800 per tola, setting a new record at the time.
- Now, by September 2025, the price has crossed Rs370,000 per tola, shattering all previous highs.
This steep climb of more than Rs56,000 in less than six months underscores how quickly the gold market has shifted.
Impact on Buyers and Investors
While investors in gold may see this as a moment of profit, ordinary consumers — particularly those planning weddings or saving through gold jewelry — are finding the soaring prices difficult to manage.
Jewellers report that sales of gold jewelry have slowed down, with many buyers switching to lighter sets, artificial jewelry, or postponing purchases altogether. On the other hand, investors who stocked up on gold earlier in the year are seeing significant gains.
Global and Local Factors
Globally, gold prices are being driven by economic uncertainty, inflationary fears, and safe-haven demand amid shifting financial markets. Locally, Pakistan’s rupee depreciation and rising import costs have amplified the price surge.
Experts suggest that unless there is stabilization in the currency and relief in global gold markets, prices in Pakistan may continue to hover near record highs.
The Bottom Line
At Rs370,700 per tola, gold has never been more expensive in Pakistan’s history. While this is good news for investors, it presents new challenges for households and businesses tied to the gold trade. For now, all eyes remain on both global commodity markets and Pakistan’s economic conditions to see whether gold prices will climb further or find stability.
